Mayor Bill de Blasio said the industry was both bad for the planet and a bad investment.
Jan 27th, 2021
AP file
NEW YORK (AP) New York City officials announced this week that two pension funds for city workers will divest an estimated $4 billion in securities related to fossil fuel companies in order to promote clean energy use.
“The divestment from fossil fuels is possible and necessary,” said City Comptroller Scott Stringer, who joined Mayor Bill de Blasio at a video briefing on Tuesday. “Smart investment policy and smart climate solutions go hand in hand. And we are putting our money where our mouth is.”
New York City's largest pension funds have voted to divest their portfolios of an estimated $4 billion from securities related to fossil fuel companies, Mayor Bill de Blasio, Comptroller Scott Stringer, and trustees of two of the city's pension funds said https://on.nyc.gov.
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New York City Pension Trustees Voted to Divest Estimated $4 Billion in Fossil Fuel Securities
Posted on 01/25/2021
New York City Mayor Bill de Blasio, Comptroller Scott M. Stringer, along with trustees of two of the City’s pension funds, announced these funds have voted to divest their portfolios of an estimated US$ 4 billion from securities related to fossil fuel companies. The divestment, expected to be one of the largest in the world, will address the significant financial and environmental risks that these fossil fuel holdings pose to the funds. In 2018, New York City became the first major city in the nation to commit to divesting major public pension funds from fossil fuel reserve companies. Since the initial announcement hundreds of other institutions, governments, and entities have joined this commitment.
Regional
By Sara Marcus
Updated Tuesday, January 26, 2021 at 2:57 pm
NEW YORK -
Updated Tuesday, January 26, 2021 at 2:57 pm
Mayor Bill de Blasio holds a media availability. City Hall. Tuesday, January 26, 2021. (Ed Reed/Mayoral Photography Office)
The pension funds of New York City employees and New York City public school teachers have voted to divest $4 billion worth f funding from fossil fuel and polluting industries.
The New York City Employees’ Retirement System (NYCERS) and New York City Teachers’ Retirement System (TRS) and the approved the move in 2018, and the process began this week. The divestment system, and move to invest in clean energy through the fund, is expected to be completed in 2025. It will be one of the largest divestment pushes internationally.